First American Realty Associates Finances Best Western Acquisition

Cameron J. Larkin, First American Vice President of Business Development, arranged the financing on behalf of the sponsors, John (Jack) R. and Judith E. Johnson. The buyers own and operate three other Best Western properties: Kodiak Inn (Kodiak, AK), Bidarka Inn (Homer, AK), and Valdez Harbor Inn (Valdez, AK).

Alan Brock and Associates, Inc. of Grapevine, TX represented the sellers, in association with Optimum Hotel Brokerage, both members of Hotel Brokers International.

The full-service 148-room Lawton property recently received a $3.6 million renovation, and leads the market in occupancy and ADR over the trailing 12- month period. The hotel scored a perfect 1,000 during Best Western’s most recent bi-annual property evaluation.

“We’re pleased to again provide customized hotel financing for our clients,” said Joe Epstein, Founder and President of First American. “As we begin our 30th year in business we continue to focus on delivering debt and equity capital that meet our client’s requirements including terms, proceeds and timing.”

First American Realty Associates, LLC is a leading debt and equity capital source for the hospitality industry. Founded in 1976, with offices in Fairfield, NJ and Dallas, TX, the firm has financed 503 hotels across 44 states totaling $1.99 billion. Over the past 12 months, First American has completed financing on 10 hotels totaling over $80 million. The firm places long and short-term fixed and floating rate debt on existing hotels, and also provides construction loans with or without take-outs, standby commitments, renovation/ conversion loans, participating mortgages, bridge loans, and a variety of secondary and mezzanine financing.